Crude across the globe is being used up faster than it is being replaced, raising the prospect of even higher oil prices in the coming years.

The world isn’t running out of oil. Rather, energy companies and petro-states, burned by 2014’s price collapse, are spending less on new projects, even though oil prices have more than doubled since 2016. That has sparked concerns among some industry watchers of a price spike that could hurt businesses and consumers.

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